Quote:
Originally Posted by subterranean
There’s no trying with you. I just put up several houses in top 10 school districts and you’ll always find something wrong. The fact remains that houses are several hundred thousand cheaper, especially in those size ranges, compared to good schools districts here. Here’s what a 2,000 sq foot house costs in the best school public district in Oregon:
https://www.zillow.com/homedetails/16020...&utm_medium=referral&utm_source=txtshare |
Lake Oswego and Birmingham are almost sister cities, and the homes seem pretty similarly priced. My sister lives in Bloomfield Village area (Birmingham Schools) and there is basically nothing under $1 million. Even granny homes that need everything sell for about that.
But this wasn't my point.
I never wrote "there are no cheap homes in good school districts in MI". There are. MI has cheap RE costs, no question. There are always deals, somewhere.
I responded to your claim that 650-700k was an unacceptably high amount to pay for a family-sized suburban house in a good school district. That is a very common price range in upper middle class suburban America, these days, MI included.
You can always find a house with problems. You listed one home next to a factory/freeway, and two with inferior schools. Those homes will sell too. Some family will find them perfectly acceptable. I'm just indicating why they're priced below market. A "normal" house in the Bloomfield Hills school district won't sell for anything around 450k. Try twice that price. That's one of the most expensive areas between the coasts.
Also, you're implying that moving to a lower-cost market means you pay less for housing. This isn't what typically happens. The research indicates that people pay around the same, they just buy more square footage, leveraging the lower costs. When someone moves from Connecticut to Alabama, they don't buy a home 1/2 the price, they buy a home 2x the size. They're already established a threshold for what they're comfortable paying.
Also, you have to factor long-term costs. Property taxes and utility prices will be higher in MI. Are you ok with a lower return over time. When my parents bought their MI house, my aunt bought a CA house roughly the same time for around 2x the price. Right now, the CA house is probably around 8x the value. This means my aunt can fund her retirement and her two kid's financial security purely via her home value, and my parents can't. Which was really a better deal?
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(not sure whether his wife is from there though; I remember that when I was dating a Yankee from northern New England I floated the idea of us moving to Detroit for real estate opportunity and it was a very firm No way!!!! on her part.)
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